Sony, the Japanese conglomerate, has announced its plans to revamp the crypto exchange Whalefin, formerly known as DeCurret. This decision comes following Sony's acquisition of the exchange from cryptocurrency lender Amber Group last year. The move is seen as a strategic one, considering the booming crypto investment market in Japan.
The revamp of Whalefin will include a new app release with an updated user interface to provide a more user-friendly experience. Additionally, Sony plans to introduce new features and support for a wider range of currencies after the renewal. The parent firm of Whalefin, Amber Japan, will also undergo a name change to S.BLOX as part of the revamp process.
Sony's foray into the crypto space is not a new development. The company has been actively working to expand its presence in the Web3 sector. Sony Network Communications, a business subsidiary of Sony, collaborated with Japanese blockchain startup Startale Labs to establish Sony's public blockchain network last year. Furthermore, Sony launched a Web3 incubation program leveraging the Astar network and the expertise of Sony Network Communications.
The decision to revamp Whalefin comes at a time when Japan has emerged as a key player in the crypto market. Cryptocurrencies are widely accepted and used in the country, with the Payment Services Act defining "Crypto-assets" as payment mechanisms not backed by fiat money. Japan is known for its tech-savvy population, advanced fintech sector, and crypto-friendly regulations.
Following the Mt. Gox tragedy in 2016, Japan implemented its first cryptocurrency laws and established the Japan Virtual and Crypto-assets Exchange Association (JCVEA) as a self-regulatory organization in 2018. Subsequent legislation in 2019 and 2022 further regulated the cryptocurrency sector, requiring exchange operators to register with the FSA and comply with strict guidelines on asset safekeeping and capital requirements.
Despite not recognizing cryptocurrencies as legal tender initially, Japan began accepting them as a form of payment in 2016. By 2022, an estimated 100,000 retailers in Japan were accepting cryptocurrencies as a means of transaction. With a solid regulatory framework and a growing acceptance of cryptocurrencies, Japan has become a significant market for digital assets.
The revamp of Whalefin presents Sony with a valuable opportunity to tap into Japan's thriving crypto market. By enhancing the user experience, introducing new features, and supporting a wider range of currencies, Sony aims to strengthen its position in the crypto exchange sector. As the crypto industry continues to evolve and expand globally, Sony's strategic move to revamp Whalefin reflects its commitment to innovation and growth in the digital asset space.
